Long Term Loans are secured loans that allow you purchase high-ticket items with the loan amount. This loan comes with significantly higher repayment tenures, and you can repay it over an extended period of time, usually ranging from 3 years to 30 years.
High Loan Amount Long-term loans come with higher loan amounts since the products purchased through the loan are generally expensive.
Low-Interest Rate Lenders typically offer lower interest rates to loan applicants since the loan repayment tenure is higher.
Collateral Lenders need security or collateral on Long Term loans. Typically, you have to pledge the item purchased through the loan as collateral. The collateral enables lenders to recover their investment if a borrower defaults on loan repayment.
Monthly Instalments Lenders allow you to repay the loan in Equated Monthly Instalments (EMIs). Each EMIs comprises a portion of the principal amount and the interest component.